The Financial Industry Regulatory Authority wants to compensate all disciplinary hearing panelists.
FINRA filed a plan with the Securities and Exchange Commission Thursday to amend Rule 9231 to provide for the compensation of all panelists that serve in connection with a FINRA disciplinary hearing, regardless of whether it is an extended or non-extended hearing.
FINRA has filed the proposed rule change for immediate effectiveness.
Rule 9231 governs the appointment by FINRA’s chief hearing officer of hearing panels, both extended and non-extended, and replacement hearing officers.
A hearing panel consists of a hearing officer and two panelists.
Each panelist must be associated with a FINRA member or retired therefrom. Service as a panelist is voluntary.